Relates to pension income and tax abatement for rent-controlled and rent regulated property occupied by senior citizens or persons with disabilities

S 6473 amends New York's real property tax law to allow senior citizens and people with disabilities living in rent-controlled or rent-regulated housing to use certain pension and benefit income for tax abatement calculations. The bill changes how income is calculated by permitting deductions for income taxes and social security taxes, and including retirement benefits, Social Security, and public assistance while excluding gifts, inheritances, and certain benefit increases. To qualify, tenants must have a pre-July 1, 2024, rent increase exemption order, and the new income calculation must result in a lower tax amount than the previous method. This directly affects eligible residents in regulated housing by potentially reducing their property tax burden based on revised income rules.